Briscoes to join ASX

New Zealand listed retailer Briscoes will be admitted to the official list of Australian ASX this week, the company has confirmed.

18 July 2017

Briscoe Group says it will be admitted to the official list of the ASX, as a foreign exempt entity, from midday in Australia Wednesday.

Official quotation of the group's securities will begin at 11am Sydney time Thursday.

The entity has been allocated the ASX code of BGP.

In May the company said it would apply to list on the ASX as a foreign exempt entity but wasn't planning on raising new capital. Briscoe is controlled by managing director Rod Duke, who owns more than three-quarters of the country's biggest retailer, and 91 per cent of the stock is held by 32 of Briscoe's 3393 shareholders.

"We believe that the greater visibility from a dual-listing will contribute to increased investor interest and a broader shareholder base which will increase our ability to take advantage of fresh opportunities that we identify," Mr Duke said in a release to the New Zealand stock exchange Monday.

Briscoe shares rose 0.8 per cent to $4.01 on the NZXand have gained 25 per cent over the past 12 months.